With ever increasing life expectancy it has never been so important to put these documents in place.  Sadly, a longer life can bring with it a greater likelihood of lost capacity through stroke, dementia, or just old age.  There is then always the risk that a person of any age may suffer a serious accident leading to loss of mental or physical capacity.  You never know what is around the corner.  Having Lasting Powers of Attorney in place will put your mind at ease.

Should you lose capacity with nothing in place then your loved ones could be left in “no man’s land”.  Without formal authority, they are unable to act for you.  This could be devastating if you have money in sole bank accounts and investments in your sole name.  If your family members need to access this money to pay bills then they would have no choice but to apply to the Court of Protection for a special order called Deputyship.  A Deputyship application can take up to about eight months (sometimes longer) and can cost thousands of pounds, not to mention the fact that your family members are already having a difficult time coming to terms with your loss of capacity.

Do you jointly own property with your partner or spouse?  Most cohabiting couples own their property jointly.  If your partner or spouse were to lose capacity and you needed to downsize, perhaps because you needed to reduce your working hours to care for your partner or spouse; then without a Power of Attorney you would be unable to sell your home even though your name is on the deeds.  Your spouse or partner’s name is on the deeds too.  If he or she lacks capacity to sign the Transfer deed then he or she will need a properly appointed Attorney to do so.